Missold PPI - Broker in liquidation HELP

di3004

mutron wrote: »

It's reassuring as our initial loan (excl. PPI) was £26K in 2006 and our recent settlement figure was over £30k despite paying around £400 a month.

Fingers crossed as it will allow us to drop the price of our flat to sell and move to our dream house!

It all adds up doesn't it?

You will have a nice surprise then.
And they should also refund the interest as well.;)

mutron_2

Fingers crossed. To be honest, it's not something we're counting on as we are aware of our current settlement figure but if we can reduce it this way then it will be fantastic.

Ironically, we settled a Paragon Personal Finance loan with it which has even more questionable PPI! One step at a time though!

di3004

mutron wrote: »

Fingers crossed. To be honest, it's not something we're counting on as we are aware of our current settlement figure but if we can reduce it this way then it will be fantastic.

Ironically, we settled a Paragon Personal Finance loan with it which has even more questionable PPI! One step at a time though!

You will be fine.;)

We were the same with ours, we actually taken out a 2nd loan with Nemo (advance) so we had to go through the broker for the first one - who dissolved so it was claimed through the FSCS and as Nemo set up the loan advance and would not allow us to have the loan without the PPI, we successful reclaimed this through them but the Financial ombudsman service (FOS).

So with Paragon, they are still active then I assume?:)

di3004

LOL, I know you said one thing at a time, but have found details of Paragon as on Companies House, so take it these are the ones you complain to in regards of this other reclaim.

Name & Registered Office:
PARAGON FINANCE PLC
ST CATHERINE'S COURT, HERBERT
ROAD, SOLIHULL
WEST MIDLANDS
B91 3QE
Company No. 01917566

When and if you require help on this one, give us a yell, but meanwhile - there is the link to the guidelines of reclaiming with the procedures.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

mutron_2

The Magic Loans / Nemo seems straightforward now but the Paragon is a definite SAR so will be more drawn out, especially as we don't have the original documents but thanks for the link. Any info that will be of use is gratefully accepted x

di3004

Your very welcome.;)

For the SAR (Try to keep it all on this link for you).;)
https://forums.moneysavingexpert.com/discussion/1475553
they have 40 calendar days to comply with the SAR and enclose £10 postal order or cheque payment.

You can request this from the lender or broker, although as you know it will therefore be the broker Paragon you complain and reclaim.

When it comes to the reclaiming, there is a questionnaire (recently issued by the financial ombudsman service) FOS complete and send to the broker, keep copies as well, these are instead of letters, but you can of course write a cover letter of your own words to enclose with the questionnaire if you want to, although not essential, the questionnaires cover all, but if you think there is further information to enclose, then you can put it into writing in a letter.

They have 8 weeks in full to respond.

(If you do not have the account number onhand when requesting the SAR - check old banking statements, the account number should be shown next to the monthly repayments).;)

As I say to everyone - I suggest it's best to use recorded delivery as well, you can then make sure these are received by Track and Trace via The Royal Mail website, and you also then have proof of posting.

:)X

di3004

Just thought I would post up th info for you ready lol.:D

Off for the night now, shall be back tomorrow as pre-usual LOL.

nighty night.:AX

mutron_2

Ok, contact made with FSCS via their Initial Enquiry Questionnaire and I've just stuck the SAR in an envelope to Paragon! So it begins!

The main reasons for being missold:

• We were told that the Payment Protection Insurance was an integral part of being approved for the loan and, in no uncertain terms, the application would be viewed less favourably if we did not take the policy.
• It was not made clear that the policy would only be valid for only 60 months yet we would be repaying the premium for the duration of the loan.
• It was not made clear that others could provide similar insurance.
• We do not believe that an additional £12,616.20 in borrowing for a 60 month policy, with no refund on cancellation, was a suitable recommendation.

di3004

mutron wrote: »

Ok, contact made with FSCS via their Initial Enquiry Questionnaire and I've just stuck the SAR in an envelope to Paragon! So it begins!

The main reasons for being missold:

• We were told that the Payment Protection Insurance was an integral part of being approved for the loan and, in no uncertain terms, the application would be viewed less favourably if we did not take the policy.
• It was not made clear that the policy would only be valid for only 60 months yet we would be repaying the premium for the duration of the loan.
• It was not made clear that others could provide similar insurance.
• We do not believe that an additional £12,616.20 in borrowing for a 60 month policy, with no refund on cancellation, was a suitable recommendation.

Well done.:T

You certainly have a good case here, you should not have any problems.
And of course these 5 year costly policies are frowned upon.

You will do fine.:beer:

Andy_Boro_2

so Di do the FSCS pay out on complaints quickly?